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new yorkers _ today. big change in the big apple new yorkers vote _ today. big change in the big apple new yorkers vote for _ today. big change in the big apple new yorkers vote for their - today. big change in the big apple new yorkers vote for their next - new yorkers vote for their next mayor with the self—avowed democratic socialist zohran mamdani ahead in the polls. facing the inevitable. uk chancellor rachel reeves refuses to rule out tax rises as she warns that everyone will have to contribute to fix britain's finances and roughing up a cult classic. the iconic british motorcycle brand norton roars back, driven by a cash injection from its indian owner. welcome. this is business. today i'm ben thompson. we're going to start this hour in the united states, where it is a big day for elections with some significant races making headlines in new york city, newjersey and virginia, plus a redistricting vote in california. but it is the mayoral race in the big apple that is taking centre stage for now, particularly for investors. of course, with wall street watching closely, it is a blockbuster race with the republican curtis sliwa independent andrew

cuomo and democrat zohran mamdani on the ballot, whom president trump has labelled a communist. while trump now backs cuomo and warns that he will cut federal funding if mamdani wins. let's get the latest with michelle, who's in new york, and michelle, who's in new york, and michelle, that's the issue. all eyes, particularly on wall street, are on what happens in new york. i know these races are elsewhere right now, but give us a sense about how close this race could be.— close this race could be. yeah. i mean, i close this race could be. yeah. i mean. i think— close this race could be. yeah. i mean, ithink if— close this race could be. yeah. i mean, i think if you _ close this race could be. yeah. i mean, i think if you go - close this race could be. yeah. i mean, i think if you go by - close this race could be. yeah. i | mean, i think if you go by polling so far, zohran mamdani the self—avowed democratic socialist has beenin self—avowed democratic socialist has been in the lead all along. there had been attempts at various times to maybe try and persuade some of the other candidates to drop out, to try and coalesce sort of, you know, all opposition around one and all support around one other candidate. but that hasn't happened. and so here we are. and if the polls turn out to be accurate, then it does look like zohran mamdani will be the first sort of muslim democratic socialist to hold the post. and what

makes this so fascinating, ben, is that, you know, obviously new york is the city that kind of gave the political world donald trump. and now on the left, if you like, potentially zohran mamdani notable because they share some sort of similar playbooks in terms of their message. it's a populist message, but it's also one centred around prices being too high. have a listen to what henrietta treyz from veda partners, a political analyst told me earlier. partners, a political analyst told me earlier-— partners, a political analyst told me earlier. ., ~ ., , me earlier. for american voters, the number one — me earlier. for american voters, the number one through _ me earlier. for american voters, the number one through three _ me earlier. for american voters, the number one through three issues - me earlier. for american voters, the | number one through three issues are the us— number one through three issues are the us economy, inflation and prices — the us economy, inflation and prices. and they do not like the president's tariffs. they see grocery— president's tariffs. they see grocery prices continuing to rise, electricity— grocery prices continuing to rise, electricity prices continuing to rise — electricity prices continuing to rise and _ electricity prices continuing to rise. and they're saying, look, we voted _ rise. and they're saying, look, we voted for— rise. and they're saying, look, we voted for donald trump to bring prices _ voted for donald trump to bring prices down. and that's not happening. so maybe we need to take an alternate route. and it's specifically salient with the under 45 and _ specifically salient with the under 45 and the 45—year—old and under demographic. they are very much

migrating — demographic. they are very much migrating in the mamdani direction, at least _ migrating in the mamdani direction, at least in _ migrating in the mamdani direction, at least in new york city. and that is all_ at least in new york city. and that is all to— at least in new york city. and that is all to do— at least in new york city. and that is all to do with his affordability message — is all to do with his affordability message and many of the same things that president trump ran on. so to have _ that president trump ran on. so to have trump— that president trump ran on. so to have trump endorsing cuomo, who is not as— have trump endorsing cuomo, who is not as focused on those issues, presents — not as focused on those issues, presents a _ not as focused on those issues, presents a very stark contrast between — presents a very stark contrast between the candidate that president trump _ between the candidate that president trump was on the campaign trail versus— trump was on the campaign trail versus what he's delivered and then what mamdani is trying to sell voters — what mamdani is trying to sell voters on _ what mamdani is trying to sell voters on right now as well in new york _ voters on right now as well in new york. voters on right now as well in new york, ., voters on right now as well in new york. . . york. so, i mean, here we are in, ou york. so, i mean, here we are in, you know. — york. so, i mean, here we are in, you know. one — york. so, i mean, here we are in, you know. one of— york. so, i mean, here we are in, you know, one of the _ york. so, i mean, here we are in, you know, one of the most - york. so, i mean, here we are in, - you know, one of the most expensive cities in the world, new york and cost of living very much at the forefront of kind this election. one issue that really quite frankly, we've seen kind of resonate in many parts of the world. this challenge of how to deal with cost of living. michelle, good to talk to you. i know you'll follow that closely for us, but for now, thank you. michelle fleury that live in new york. now elsewhere, uk chancellor rachel reeves has refused to rule out tax rises in her budget later this month, warning she will make the necessary choices. her words on

november the 26th. that's despite a clear manifesto pledge by the labour party not to raise income tax, vat or national insurance while speaking in downing street earlier, the chancellor blamed the previous conservative government, brexit and global economic pressures for a situation where the country owes £2.6 trillion and is spending £1 in every £10 of taxpayer money on interest, on debt, interest. that means, she said, we will all have to contribute to fixing britain's finances. take a listen. figs contribute to fixing britain's finances. take a listen. fissi contribute to fixing britain's finances. take a listen. as i take my decisions _ finances. take a listen. as i take my decisions on _ finances. take a listen. as i take my decisions on tax _ finances. take a listen. as i take my decisions on tax and - finances. take a listen. as i take my decisions on tax and spend, l finances. take a listen. as i take j my decisions on tax and spend, i will do _ my decisions on tax and spend, i will do what _ my decisions on tax and spend, i will do what is _ my decisions on tax and spend, i will do what is necessary - my decisions on tax and spend, i will do what is necessary to - my decisions on tax and spend, i . will do what is necessary to protect tamities— will do what is necessary to protect families from — will do what is necessary to protect families from high _ will do what is necessary to protect families from high inflation - will do what is necessary to protect families from high inflation and - families from high inflation and interest— families from high inflation and interest rates— families from high inflation and interest rates to _ families from high inflation and interest rates to protect - families from high inflation and interest rates to protect our- families from high inflation and i interest rates to protect our public services _ interest rates to protect our public services from _ interest rates to protect our public services from a _ interest rates to protect our public services from a return _ interest rates to protect our public services from a return to - interest rates to protect our public services from a return to austerity| services from a return to austerity and to _ services from a return to austerity and to ensure _ services from a return to austerity and to ensure that _ services from a return to austerity and to ensure that the _ services from a return to austerity and to ensure that the economy . services from a return to austerity. and to ensure that the economy that we hand _ and to ensure that the economy that we hand down— and to ensure that the economy that we hand down to _ and to ensure that the economy that we hand down to future _ and to ensure that the economy that we hand down to future generations| we hand down to future generations is secure, _ we hand down to future generations is secure, with— we hand down to future generations is secure, with debt _ we hand down to future generations is secure, with debt under- we hand down to future generations is secure, with debt under control, i is secure, with debt under control, if we _ is secure, with debt under control, if we are _ is secure, with debt under control, if we are to — is secure, with debt under control, if we are to build _ is secure, with debt under control, if we are to build the _ is secure, with debt under control, if we are to build the future - is secure, with debt under control, if we are to build the future of -

if we are to build the future of britain — if we are to build the future of britain together, _ if we are to build the future of britain together, we _ if we are to build the future of britain together, we will- if we are to build the future of britain together, we will all. if we are to build the future of. britain together, we will all have to contribute _ britain together, we will all have to contribute to _ britain together, we will all have to contribute to that _ britain together, we will all have to contribute to that effort. - britain together, we will all have to contribute to that effort. let’s to contribute to that effort. let's talk now to _ to contribute to that effort. let's talk now to jackie _ to contribute to that effort. let's talk now to jackie bowie, - to contribute to that effort. talk now to jackie bowie, who to contribute to that effort.- talk now to jackie bowie, who is head of europe at chatham financial and jackie, i mean, that's the thing she's laying out some of the economic rationale for some of the decisions we don't yet know about. we'll hear about them in the budget at the end of the month, but it's fair to say the labour party have talked themselves into a corner here, making those pledges in the manifesto not to raise those taxes. and now it looks like they will absolutely have to.— and now it looks like they will absolutely have to. yes. and i think after the last _ absolutely have to. yes. and i think after the last budget _ absolutely have to. yes. and i think after the last budget there - absolutely have to. yes. and i think after the last budget there was - absolutely have to. yes. and i think after the last budget there was an l after the last budget there was an increasing expectation that manifesto pledge was effectively already broken with the increase in employers, national insurance and this time, of course, the focus seems to be on income tax and much of the discussion in advance of that speech today was really her move away from focusing on tinkering around the edges with wealth, taxes, inheritance tax and actually looking at the broader tax base. you know, her own words of each of us must do our bit really signals the strongest

signal we've had to date that increase in tax that's coming is likely to be on the basic rate of income tax. likely to be on the basic rate of income tax— likely to be on the basic rate of income tax. . ~ . ., , ., income tax. yeah. and that word you used their signals _ income tax. yeah. and that word you used their signals is _ income tax. yeah. and that word you used their signals is really _ used their signals is really important isn't it. because this speech is yes. maybe designed to tell us a few things, but it's also a message to the bank of england and a message to the bank of england and a message to the bank of england and a message to the city, isn't it, about investors, about whether they will back her plans? talk about the city. first of all, what do we make of what they heard today in terms of what it means for the city and how they may perceive what happens at they may perceive what happens at the end of the month?— they may perceive what happens at the end of the month? yeah. well, i think she's — the end of the month? yeah. well, i think she's tried _ the end of the month? yeah. well, i think she's tried to _ the end of the month? yeah. well, i think she's tried to get _ the end of the month? yeah. well, i think she's tried to get a _ the end of the month? yeah. well, i think she's tried to get a bit - the end of the month? yeah. well, i think she's tried to get a bit more i think she's tried to get a bit more focus on restoring fiscal credibility. there's a long way to go. you know, you mentioned in your headlines about the level of debt and the sheer amount that's being spentjust and the sheer amount that's being spent just to service and the sheer amount that's being spentjust to service that debt. so the bond market had a mildly positive reaction. but i think they're in wait and see mode to see what is actually going to be delivered. it's been clear that fiscal discipline is not going to come through spending cuts. and the

government have tried and failed to do that. so it has to come through increasing the tax base. and that's really what the bond market is looking for is that do they have confidence in that fiscal discipline that the government will be able to achieve it? . �* that the government will be able to achieve it? . ~ . �* , achieve it? yeah. and that's the issue too isn't _ achieve it? yeah. and that's the issue too isn't it. _ achieve it? yeah. and that's the issue too isn't it. the _ achieve it? yeah. and that's the issue too isn't it. the other - issue too isn't it. the other message that she was sending, of course, was one to the bank of england will find out whether they've decided to cut interest rates. the inflation picture looking different from when they last made that decision. but it was a clear message there that she's hoping or asking for a cut.— asking for a cut. yes. but she did sa later asking for a cut. yes. but she did say later in _ asking for a cut. yes. but she did say later in the _ asking for a cut. yes. but she did say later in the speech _ asking for a cut. yes. but she did say later in the speech that - asking for a cut. yes. but she did say later in the speech that she l say later in the speech that she values the independence of institutions. you know, mentioning the obr and the bank of england and that same sentence and the challenge for the bank of england, of course, is that they have one mandate, which is that they have one mandate, which is price stability and inflation is still above target. so i think they're in a real challenging position. and we have two more meetings before the end of the year, one before the budget and one after the budget. but i don't think it's a done deal that interest rate cuts

will come and she'll get what she wishes for. will come and she'll get what she wishes for-— will come and she'll get what she wishes for. g . . ~ . , ., wishes for. jackie, always good to talk to you- _ wishes for. jackie, always good to talk to you. we _ wishes for. jackie, always good to talk to you. we will— wishes for. jackie, always good to talk to you. we will discuss - wishes for. jackie, always good to talk to you. we will discuss this . talk to you. we will discuss this again before the budget, i'm sure, but for now thank you. jackie bauer there at chatham financial. now, for lovers of british made motorbikes, there is one name that comes to mind norton motorcycles. the company was bought by indian manufacturer tvs motor in a $20 million deal back in 2020. well, last month it confirmed it will invest over $300 million in solihull to develop next generation electric vehicles here in the uk. well, looking to use the uk's latest trade deals to sell its bikes around the world. that's as norton's chief executive director explained. we're a british brand _ executive director explained. we're a british brand we _ executive director explained. we're a british brand we manufacture - executive director explained. ,, a british brand we manufacture in solihull and there's been a huge increase in the number ofjobs we have there with very skilled engineering roles, but we're a global producer so we have technology centres around the world, but the trade deals have actually been incredibly helpful for us but the trade deals have actually been incredibly helpfulfor us in giving us stability and certainty. so our plan is to export from the uk

into europe. we're already active in seven of the countries there france, germany, italy, spain, portugal, sweden growing very, very quickly but also exporting to india, exporting to the usa. they're really beautiful to look at. the performance is incredible. obviously norton's famous, you know, isle of man tt wins are incredibly quick performance bikes, incredibly well handling but also the adventures our founder parr lansdown. i did a 3000 mile ride in his 50s to, to south africa in 1922. che guevara and the motorcycle diaries were on an autumn so and we're unveiling on and off road adventure bikes today, which is pretty exciting. more? road adventure bikes today, which is pretty exciting-— pretty exciting. now to that thorny issue. pretty exciting. now to that thorny issue- we've _ pretty exciting. now to that thorny issue. we've talked _ pretty exciting. now to that thorny issue. we've talked a _ pretty exciting. now to that thorny issue. we've talked a lot _ pretty exciting. now to that thorny issue. we've talked a lot about - pretty exciting. now to that thorny issue. we've talked a lot about on | issue. we've talked a lot about on the programme. that issue of artificial intelligence and copyright and how it works in the uk well. getty images has largely lost a landmark case that it brought

against the artificial intelligence firm stability ai over its image generator. now, getty had sued the company for training its systems using getty images, but then ended dropping parts of the case. mid—trial well, chris vallance is our tech reporter. hejoins me now. and chris, just explain what is it's sort of slightly complicated, this isn't it, but explain why it matters. isn't it, but explain why it matters-— isn't it, but explain why it matters.- well - isn't it, but explain why it matters.- well it. isn't it, but explain why it - matters.- well it matters matters. yeah. well it matters because we've _ matters. yeah. well it matters because we've seen, _ matters. yeah. well it matters because we've seen, you - matters. yeah. well it matters| because we've seen, you know, matters. yeah. well it matters - because we've seen, you know, so many— because we've seen, you know, so many high — because we've seen, you know, so many high profile artists, whether it's photographers, painters, you know, _ it's photographers, painters, you know, visual artists, it's photographers, painters, you know, visualartists, musicians know, visual artists, musicians realty— know, visual artists, musicians really take _ know, visualartists, musicians really take on these ai companies over using — really take on these ai companies over using their works, they allege to train— over using their works, they allege to train their models to produce works— to train their models to produce works that — to train their models to produce works that then compete with them. so you _ works that then compete with them. so you can _ works that then compete with them. so you can kind of see why they're unhappy— so you can kind of see why they're unhappy about it. in this case. getty— unhappy about it. in this case. getty had _ unhappy about it. in this case. getty had brought an action against stability— getty had brought an action against stability ai over using their images _ stability ai over using their images. they're this giant image marketplace to train their model stabie _ marketplace to train their model stable diffusion. but in the end,

that question went unanswered in the trial because getty was unable to prove _ trial because getty was unable to prove that— trial because getty was unable to prove that the training had happened in the _ prove that the training had happened in the uk _ prove that the training had happened in the uk and therefore there wasn't realty— in the uk and therefore there wasn't really a _ in the uk and therefore there wasn't really a uk — in the uk and therefore there wasn't really a uk. if you like issue there that the _ really a uk. if you like issue there that the court could deal with. it also tried — that the court could deal with. it also tried to prove that the model itself— also tried to prove that the model itself somehow breached copyright, but again— itself somehow breached copyright, but again the court found against that they— but again the court found against that they did win on the issue of trademarks because some stability ai images _ trademarks because some stability ai images that were generated reproduced getty images watermarked. so they— reproduced getty images watermarked. so they won on that. but as the judgement said, that was a very limited — judgement said, that was a very limited kind of win. but really it didn't— limited kind of win. but really it didn't answer the central question, which _ didn't answer the central question, which has — didn't answer the central question, which has led to one legal expert i talked _ which has led to one legal expert i talked to, — which has led to one legal expert i talked to, to call it a massive damp sguid, _ talked to, to call it a massive damp sguid, that — talked to, to call it a massive damp squid, that the central question of whether. — squid, that the central question of whether, you know, these companies broke _ whether, you know, these companies broke copyright law to train these systems— broke copyright law to train these systems goes unanswered in the uk. yeah, _ systems goes unanswered in the uk. yeah, i_ systems goes unanswered in the uk. yeah, i have — systems goes unanswered in the uk. yeah, i have a feeling we will talk about this again, chris. it's going to keep you busy, isn't it? but for now thank you. chris valenza, our tech reporter. some other stories we're following for you. norway's

sovereign wealth fund, the world's largest, said it would vote against ratifying elon musk�*s tesla proposed pay deal. it's potentially worth $1 trillion. that happened at an annual general meeting this week. investors in the electric vehicle maker will decide on thursday whether to approve the package, likely to be the largest ever chief exec compensation agreement. starbucks says it's selling a 60% stake in its business in china as part of a $4 billion deal with the investment firm boyu capital, the world's biggest coffee chain will retain ownership of its brand in the country. china's starbucks second largest market. but sales have taken a hit since the pandemic and it faces stiff competition from local chains. more on the website bbc.com. that is, though your business

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